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New Legislation 2015

“New Jersey Achieving a Better Life Experience (ABLE) Program”

P.L. 2015 Chapter 185 – The act allows individuals with certain disabilities to establish ABLE accounts that may be used to pay certain disability-related expenses. Earnings on the account are not included in gross income until distributed, at which time they are to be included in gross income unless the distribution is a “qualified distribution.” A qualified distribution from an ABLE account is a distribution that is used for qualified disability expenses as defined in federal IRC §529A(e)(5).

“Business Employment Incentive Program Tax Credit ”

P.L. 2015, Chapter 194  - The act allows certain businesses that have previously been approved for a grant under the Business Employment Incentive Program to direct the New Jersey Economic Development Authority to convert the grant to a tax credit and establishes a priority schedule for the issuance of tax credits that favors older, outstanding grant obligations over grants that will become payable in future years. The tax credits issued can be applied to reduce a business’s tax liability under the corporation business tax or insurance premium tax liability, prior to all other credits and payments.  If the tax credit issued exceeds the amount of the tax liability otherwise due from a business that pays tax under the corporation business tax, the amount of the excess may be treated as an overpayment of tax and refunded to the business.

“United States Armed Forces Property Tax Deferment”

P.L. 2015, Chapter 277  - The act allows New Jersey residents enlisted in any branch of the United States Armed Forces to defer the amount of any property tax bill for taxes assessed on property they own alone or with a spouse that becomes due during the period of their deployment for active duty in time of war. The deferment begins on the due date for the property tax payment and ends 90 days after the end of the resident’s deployment. No interest will be charged if the property taxes owed are paid in full before the expiration of this 90-day grace period. Any portion of the property taxes not paid before the grace period expires will be subject to interest from the original due date until paid in full.  The act requires the State to annually pay each municipality the total amount of property taxes deferred. The tax collector must reimburse the State when they receive payment of the deferred taxes.

“ Hackensack Meadowlands Agency Consolidation Act “

P.L. 2015 Chapter 19  - The law consolidates the New Jersey Meadowlands Commission and the New Jersey Sports and Exposition Authority, reestablishes the Hackensack Meadowlands Transportation Planning District, and adjusts the funding method for the intermunicipal tax sharing program in the New Jersey Meadowlands. This memo discusses sections 82 through 85 of the bill. Those sections comprise the New Jersey Meadowlands Tax Relief Act and appear to be the only provisions of P.L. 2015, c19 that impact the Division.

Checkoff  for  “New Jersey Nonprofit Veterans Organization Fund “

Enables collection of voluntary contributions for New Jersey Nonprofit Veterans Organizations through gross income tax returns.

P.L. 2015 Chapter 26 - The act provides for voluntary contributions by taxpayers on gross income tax returns to support a special fund to be known as the New Jersey Non-profit Veterans Organization Fund. This fund will provide annual distributions of grants to private nonprofit veteran organizations for programs and services supporting New Jersey veterans.                       

“Economic Redevelopment Growth Grant Tax Credits Available for Mixed Parking Lot Projects”

 P.L. 2015 Chapter 69 - The act allows municipal redevelopers, including municipalities, redevelopment agencies, municipal parking authorities, and developers to enter into long term operation and maintenance agreements with municipal parking authorities, to obtain Economic Redevelopment Growth Grant tax credits

“Earned Income Tax Credit Percentage Increase” 

P.L. 2015 Chapter 73 - The act increases the amount of the New Jersey earned income tax credit from 20 percent of the federal earned income credit to 30% for tax years beginning on and after January 1, 2015.

“State Agency Permit Review”

P.L. 2015  Chapter 88
- This act requires each State agency to periodically (frequency to be defined by the Secretary of State) identify and review all permits it issues and submit a written report of its findings to the Secretary of State. .

“Motor Fuel During a State of Energy Emergency”

P.L. 2015 Chapter 113 - This law applies to sales of certain motor fuel during a state of energy emergency, as declared by the governor. During a state of energy emergency a retail motor fuel dealer that exhausts its supply of lowest grade motor fuel may sell any remaining supply of higher grade motor fuel at the same price as the lowest grade motor fuel.

"Boat and other Vessel -Partial Sales and Use Tax Exemption/ Cap”

P.L. 2015, Chapter 170 - This law provides a 50 percent sales and use tax exemption on the sale of new and used boats and other vessels. The maximum amount of tax imposed cannot exceed $20,000.  Residents who purchase boats outside of New Jersey may use the boat in this State for 30 days before incurring a use tax obligation.  The law is effective immediately and the partial exemption applies to sales and uses on or after February 1, 2016. The grace period applies to uses on or after January 1, 2016.

“Checkoff for “New Jersey Yellow Ribbon Fund”

P.L. 2015 Chapter 278 - This act enables collection of voluntary contributions through gross income tax returns to provide support that includes, but is not limited to, defraying the costs of food, housing, medical services, and other expenses to active duty members of the United States Armed Forces, the Reserve components thereof, and the National Guard from New Jersey and their families affected by extended deployment during Operations Enduring Freedom and Iraqi Freedom or their successor operations.


Last Updated: Tuesday, 05/10/16



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